Dillard's 2015 Annual Report Download - page 27

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21
those estimated and could have a material impact on our consolidated financial statements. A further 50 basis point change in
the discount rate would increase or decrease the pension liability by approximately $12.6 million. The Company expects to
make a contribution to the pension plan of approximately $4.0 million in fiscal 2016. The Company expects pension expense to
be approximately $12.8 million in fiscal 2016 with a liability of $193.6 million at January 28, 2017.
RESULTS OF OPERATIONS
The following table sets forth the results of operations and percentage of net sales, for the periods indicated:
For the years ended
January 30, 2016 January 31, 2015 February 1, 2014
(in thousands of dollars) Amount
% of
Net
Sales Amount
% of
Net
Sales Amount
% of
Net
Sales
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,595,626 100.0% $ 6,621,054 100.0% $ 6,531,647 100.0%
Service charges and other income . . . . . . . . . . . . 158,919 2.4 159,075 2.4 160,130 2.5
6,754,545 102.4 6,780,129 102.4 6,691,777 102.5
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,350,805 66.0 4,272,605 64.5 4,223,715 64.7
Selling, general and administrative expenses . . . 1,669,916 25.3 1,663,859 25.1 1,632,036 25.0
Depreciation and amortization. . . . . . . . . . . . . . . 250,011 3.8 250,683 3.8 255,490 3.9
Rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,732 0.4 26,977 0.4 26,833 0.4
Interest and debt expense, net . . . . . . . . . . . . . . . 60,923 0.9 61,306 0.9 64,505 1.0
Gain on disposal of assets . . . . . . . . . . . . . . . . . . (12,626) (0.2)(6,069)(0.1)(12,379)(0.2)
Asset impairment and store closing charges . . . . — — — 0.0 5,353 0.1
Income before income taxes and income on and
equity in losses of joint ventures . . . . . . . . . . . . 408,784 6.2 510,768 7.7 496,224 7.6
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,770 2.1 179,480 2.7 173,400 2.7
Income on and equity in losses of joint ventures. 1,356 — 565 — 847 —
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 269,370 4.1% $ 331,853 5.0% $ 323,671 5.0%